NEWS COMMENTARY

ExxonMobil launches ExxonMobil Low Carbon Solutions; plans to invest $3 billion in carbon capture projects globally by 2025

Published:
February 03, 2021
Coverage:
Owning the Energy Transition
Activities:
Strategy
Very important

Instead of making a net-zero pledge or shifting toward renewable energy like its European oil major counterparts, ExxonMobil is establishing a potentially new "upstream business" by deploying more than 20 CCS projects. Based on the new projects highlighted, the focus will be on pre-combustion CO2 capture, rather than post-combustion, though both remain key to decarbonization. The company will also focus on  storage but may be laying the foundation for becoming a CO2 provider in the future carbon economy, though widespread adoption of CO2 utilization technologies remains more than two decades away. We expect to see record investments in CO2 capture projects in 2021, and ExxonMobil's $3 billion will be the first of many announcements to come.

For the original news article, click here .


Further Reading

In line with its peers, BP pledges net-zero emissions by 2050

News Commentary | February 12, 2020

Following Repsol and Equinor, BP is the next oil major committing to net‑zero emissions across its operations by 2050. Similar to Repsol, the company's net‑zero pledge also addresses Scope 3 emissions to account for end‑use emissions from its oil and gas products, which is an important milestone for... To read more, click here.

Japan's Inpex Corporation sets net-zero emissions goal for 2050; plans to spend $1.2 billion over the next five years

News Commentary | January 30, 2021

Japan announced the country's carbon‑neutral target by 2050 last year and Inpex becomes one of the first major energy companies in the country to set a net‑zero emissions target. This pledge will cover Scope 1 and Scope 2 emissions of Inpex, and the company highlighted renewable energy, hydrogen, ... Not part of subscription

Mitsubishi Corporation and Carbon Direct invest in CarbonCure

News Commentary | February 02, 2021

This announcement comes only a few months after CarbonCure received funds from Amazon's Climate Pledge Fund. This partnership can help CarbonCure further scale its technology within APAC, which is seeing a major increase in construction and concrete use, as well as cement (pun intended) CarbonCure's... Not part of subscription